Lockheed Martin's Colorado-based space business drives surprise earnings miss

DENVER BUSINESS JOURNAL - Lockheed Martin Corp.’s third-quarter profits fell short of what investors expected Tuesday, and its Jefferson County-based Lockheed Martin Space Systems Co. division had the roughest results among the defense giant’s four business units.

Lockheed Martin Space Systems third-quarter revenue dropped by one percent, or $28 million, to $2.25 billion compared to the $2.28 billion it recorded for the third quarter of 2016.

But the satellite and space probe-building unit’s third-quarter operating profit dropped $232 million, or 52 percent, year-over-year to $218 million.

Reduced profits from Centennial-based rocketmaker United Launch Alliance caused some of LMSS’ decline, the company said. ULA is a joint venture of Lockheed Martin and Boeing Co.

LMSS’ share of ULA’s launch-business profits dropped by $20 million to $45 million in the third quarter, the company said.

Read more at the Denver Business Journal: http://bit.ly/2xkGHa9

Copyright 2017 Denver Business Journal


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